Chico Real Estate Market Update 11/29/07
As promised last week, I will be reviewing the progress of the Chico real estate market as we have marked the half way point of the final quarter of 2007. For the time period of October 1 through November 15th there were eighty two single family residences sold in the six areas of Chico as reported in the Sierra North Valley MLS. In comparison to the same time period for 2006 we are down 21% in sales activity, as last year saw one hundred four homes successfully close escrow. The average days on the market (DOM) has increased over last year’s sixty nine DOM to eighty seven DOM this year.
In looking at the average versus the median prices between the two periods, there is a 1.8% decrease this year in the median price of $322,950-down from $329,100 in 2006. The average on the other hand is down approximately 6.3% from last year’s average of $378,560 to $354,647. While both the average and the median figures are helpful, the median price provides a more accurate picture of the Chico real estate market by giving the halfway point on sales figures. The average prices on the other hand can become skewed if for example several higher end homes closed escrow-when averaged out those numbers can be artificially higher for that particular time frame.
Ending on a positive note, I also compared the third quarter of 2007 to the first half of the fourth quarter of 2007. We ended the third quarter with an average price of $359,637 and a median of $321,000. In this comparison the average was still currently down from last quarter, but by only slightly over 1%, while the median price has inched up to a little over ½% increase.
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Chico Real Estate Market Update 11/21/07
The week ending November 15th marks the half way point of the fourth quarter. I’ll be taking a closer look at how the Chico real estate market is doing to this point next week. This week however, our active listing inventory in the Sierra North Valley MLS for single family residences has dropped again for the 6th straight week to a new total of 393. This number reflects the addition of twenty two new listings with an average asking price of $472,253 and a median of $375,000. In total, the average for all single family residences in the six areas of Chico represent an average price of $430,469-the median $358,000, with an average of 105 days on market (DOM).
With an average of 94 DOM, ten homes successfully closed escrow this week. After 4 DOM, a three bedroom, one bath home with 1,082 square feet and an asking price of $199,500 closed escrow receiving 108% of the original price-$215,000. While the higher end home, with a closing price of $575,000 was a four bedroom, three bath home with 2,631 square feet, which closed after 212 DOM. The ten homes together received approximately 97% of their original asking price after 94 DOM on average. The median for this group was $344,450 and the closing average-$357,390.
There was also the addition of eight new homes which began the escrow process this week after an average time on the market of 92 days. Starting with the lower range in this group-there was a 1,142 square foot home with three bedrooms and two bathrooms and an asking price of $200,000. While the highest priced home comprising of 4,500 square feet, four bedrooms and four plus bathrooms entered escrow with an asking price of $699,000, creating an average price of $384,850 and a median of $300,000 for all homes in this group.
Have a wonderful Thanksgiving week!
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Chico Real Estate Market Update 11/15/07
For the week ending November 8th, 12 single family residences successfully closed as listed in the Sierra North Valley MLS for the six areas of Chico after an average of 114 days on the market. (DOM). Beginning with the low range-a three bedroom, 1 bath home with 1374 square feet, with an original asking price of $295,000, successfully closed escrow for $230,000 after 444 DOM. While the high price ranged home-a four bedroom, three bath home with 2,723 square feet closed escrow at $589,000, with an original asking price of $599,000 after 38 DOM. In total the average price for all twelve homes was $340,083, the median $337,500 and they had an average of 114 DOM.
Additionally, eleven new escrows were opened this week with a median price of $289,000, an average price of $361,481 and an average of 60 DOM. On the low end of this group-a three bedroom, two bath home with 1,812 square feet entered escrow with an asking price of 249,000. Representing the high range in this group, a five bedroom, three and a half bath home with 3,519 square feet began the escrow process with an asking price of $749,000.
Although sixteen new listings were added to the MLS this week, the inventory has dropped again this week to 402 active single family residences. (SFR) Beginning with the low end of the spectrum, one of the new additions is a four bedroom, two bath “fixer upper” home with 1,342 square feet and an asking price of $225,000. The high end home represented by a three bedroom, three and a half bath home with 3,305 square feet entered the market with an asking price of $799,000. In total, the average price for the current inventory is $429,122 while the median is $352,500 and on average the homes currently listed for sale have been on the market 106 days.
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Chico Real Estate Update 11/8/2007
Dropping again this week during the traditionally slower winter months, the Sierra North Valley MLS showed 415 active single family residences available for sale in the six areas of Chico. Representing a median price of $350,000 and an average of $427,243, the current inventory has been on the market for an average of 111 days. This number includes the addition of thirty three new listings for the week ending Nov. 1st. The average and median price of these new listings is $466,454 and $395,000, while the low end of the spectrum is represented by a three bedroom, two bath home with 1,067 square feet for an asking price of $237,500 the higher end of this group is $1,700,000 for a 4,000 square foot home with four bedrooms, three baths, 4,000 square feet on just under one and a half acres.
With an average price of $269,250 and a median of $269,000, thirteen homes have begun the escrow process this week. Beginning with the low range-a four bedroom, one bath home with 948 square feet and an asking price of $159,000 entered the escrow process after eleven days on the market (DOM). After thirty three DOM, the highest priced home in this group-a three bedroom, two bath home with 2,087 square feet, entered escrow with an asking price of $376,500.
Finally, receiving on average 95.5% of their original asking price, twelve more homes successfully closed escrow this week. After 53 DOM the lowest priced home with two bedrooms, one bath and 1,034 square feet and an asking price of $200,000, closed at $195,000. The highest priced home in this group, a three bedroom, two and a half baths and 3,641 square feet closed escrow after 164 days on the market receiving $962,550-down from the original asking price of $1,195,000.
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Chico Real Estate Update 11/1/2007
The single family residence inventory in the Sierra North Valley MLS for the six areas of Chico dropped slightly again this week to 439 active listings. The average time on the market of these homes is 119 days, the average price-$420,840, and the median price is $359,000. This number includes the addition of twenty two new listings ranging in price from $159,000 for a four bedroom, one bath home with 948 square feet in area 1E-the south area of Chico to $1,097,000 for a five bedroom, three bath home with 4,100 square feet located in area 1B-a north east neighborhood of Chico on just under two acres.
Additionally, for the week ending on October 25th, eight new homes have entered the escrow process after an average of 138 days on the market. The median price of these homes is $322,000, while the average is $351,362. On the lower price range, a three bedroom, two bath home with 1,039 square feet and an asking price of $239,000 entered escrow after 442 days on the market (DOM). Looking at the higher price range for this group, a four bedroom, three bath home with 2,631 square feet entered escrow after 222 DOM.
The Chico real estate market showed thirteen more homes successfully close escrow this week receiving an average of 92% of the original asking price after an average of 57 DOM. The average price of these homes is $302,461, while the median is $284,000. Looking at the low/high prices-there was a three bedroom, two bath home with 1,220 square feet which closed at $145,000 after 23 DOM and a four bedroom, three bath home with 2,880 square feet, which closed at $514,000 after 49 DOM.
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